It was the best of trends, it was the worser of trends, it was a white channel of hope vs. a yellow channel of, well... still hope, just less of it.
I have been hearing a lot of people expecting for a Fibonacci retrace to 40K (which is still quite possible), but now I am not so sure. Bitcoin has been trading in an upward sloping channel (yellow trend lines), but it looks like the channel sloped up slightly starting a new, "slopier" trend near the end of January (white lines).
After today's bounce at the bottom of the "new and improved" trend-line channel, in addition to the fact that it was a bounce at the .382 Fibonacci level, I believe there is a good chance that BTC can stay in this upward channel (and potentially bring ALTs down in their own channels as BTC continues to bounce off the bottom). This should then also give some good opportunities for some ALT breakouts here and there, but ultimately could mean that the bottom is in for the current retracement. All this however becomes invalidated if we cross back and stay below into the old (yellow) channel, after which ~40K is easily a possibilities for a .618 Fibonacci retrace around mid-March.
I for one am just interested to see what transpires.
I have been hearing a lot of people expecting for a Fibonacci retrace to 40K (which is still quite possible), but now I am not so sure. Bitcoin has been trading in an upward sloping channel (yellow trend lines), but it looks like the channel sloped up slightly starting a new, "slopier" trend near the end of January (white lines).
After today's bounce at the bottom of the "new and improved" trend-line channel, in addition to the fact that it was a bounce at the .382 Fibonacci level, I believe there is a good chance that BTC can stay in this upward channel (and potentially bring ALTs down in their own channels as BTC continues to bounce off the bottom). This should then also give some good opportunities for some ALT breakouts here and there, but ultimately could mean that the bottom is in for the current retracement. All this however becomes invalidated if we cross back and stay below into the old (yellow) channel, after which ~40K is easily a possibilities for a .618 Fibonacci retrace around mid-March.
I for one am just interested to see what transpires.